Federal budget deficit reaches $1 trillion for first time in seven years

National

The U.S. Capitol is seen at the end of the day Wednesday, Dec. 18, 2019, in Washington, after the U.S. House voted to impeach President Donald Trump on two charges, abuse of power and obstructing Congress. (AP Photo/Julio Cortez)

For the first time in seven years, the U.S. found itself in a trillion-dollar hole.

The Federal Government’s budget deficit was released Monday by the treasury department.

According to the data, the government spent $1 trillion more than it took in during 2019.

The first quarter of 2020 is showing similar signs.

From October through December, military spending and health care costs caused the deficit to soar 12% over the previous year.

Increases in the national deficit usually happen during economic downturns, but the U.S. economy is growing and unemployment is at a 50 year low.

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